AIICO Insurance turn over increased by 23% in 2022
By Favour Nnabugwu
AIICO Insurance, an insurance company listed on the Nigerian stock exchange, has ended the 2022 financial year with a 23.3 percent increase in its turnover.
As of 31 December 2022, the premium volume stood at 88.323 billion NGN (197.03 million USD).
The annual net profit went up by 39.5% to reach 6.858 billion NGN (15.3 million USD) against 4.916 billion NGN (11.93 million USD) in 2021.
By the end of 2022, the company’s equity amounted to 44.1 billion NGN (98.38 million USD) and its total assets to 270.019 billion NGN (602.35 million USD
AIICO Insurance Plc generated a
Gross Written Premium(GWP) of N88.3 billion from the risk businesses it underwrote in its full year ended December 31, 2022.
The underwriting firm’s unaudited results for the fiscal year ended December 31, 2022 (NGX) Limited showed that gross written premium grew from N71.6 billion it was in 2021, due to a year-on-year increase of 39.1 per cent in general insurance to N26.5 billion from N19 billion in 2021.
Life insurance premiums increased by 17.6 per cent year-on-year to N61.1 billion compared to N51.9 billion in Q3, 2021 and underwriting income from its Health Maintenance Organization (HMO) increased 73.5 per cent Y-o-Y to N1.6 billion in 2022 from N950.6 million in 2021.
Operating income in asset management declined by 22.2 per cent Y-o-Y to N1.5 billion from N1.87 billion in 2021. Profit before income tax from continuing operations increased to N4.5 billion in full year 2022, higher than N2.8 billion in 2021.
The company said, improved underwriting performance in the insurance and health management businesses supported growth during the year compared to full year 2021,
saying, in 2022, the company completed the sale of its stake in AIICO Pensions, recording a profit from discontinued operations to the tune of N2.9 billion.
As a result, net profit for the year rose by 39.5 per cent to N6.9 billion in full year 2022 as against N4.9 billion in 2021.
